IMF deems ECB's action 'an important step toward strengthening stability in Europe'

Managing Director Christine Lagarde of the International Monetary Fund (IMF) showed strong support of the European Central Bank's new framework for intervention in the euro zone debt crisis, deeming today's action 'an important step toward strengthening stability and growth.'

"We see the ECB’s action as an important step toward strengthening stability and growth in the Euro Area," Lagarde said in a written statement for the press.

The IMF chief made the statements on today’s decisions made by the ECB.

“We strongly welcome the ECB’s new framework, the Outright Monetary Transactions (OMT), for intervention in sovereign bond markets of countries accepting EFSF and ESM support for their macroeconomic adjustment programs and adhering to the associated structural and fiscal reform efforts.

"The IMF stands ready to cooperate within our frameworks," Lagarde said.

Furthermore, the IMF chief underlined: "Decisive implementation of the new intervention program will help repair monetary transmission, and support countries’ efforts to secure finance at a reasonable cost while they undertake sustained macroeconomic adjustment."